HSBC has been busy in credit trading. Last year, it hired in Andrew Sinfield from J.P. Morgan as head of corporate credit trading in Europe. In March, it brought in Greg Sadler, a highly respected financials credit trader who’d been working for hedge fund CQS. But the flow of staff moves in both directions: the British bank has also lost one of its more senior credit trading professionals to Cantor Fitzgerald.

Julien Raffelsbauer was HSBC’s head of desk analysis for high yield and investment grade corporate credit. The Financial Conduct Authority (FCA) register suggests he arrived at Cantor in London late last month.

Raffelsbauer’s role at Cantor is unclear, but it’s a given that he’ll be joining in a senior credit trading capacity. Before joining HSBC in 2014, he was the head of high yield, leveraged loans, distressed debt and special situations trading at BNP Paribas. He’s also spent four years as a trader at Goldman and two years learning his trade as a high yield and distressed analyst at J.P. Morgan.